Chapter 14 : New product development: Steps and its importance

Abstract

Factors such as innovation stories, testing consumer trends and exploring technology have driven companies to spend valuable resources to develop new products. Field of product development facing many factors that results in failure of product development such as shortage of new ideas, long duration of development, high cost, fragmented or small market etc.New and innovative products often face various obstacles during the product development phase. Even when an organisation has clear intentions and an excellent team, there are many factors that can cause projects to be called off. There are numerous challenges that every new product face in the market. The design process is complex and challenging due to various factors like time constraints, budget limitations, lack of expertise, etc. However, all these challenges can be overcoming with the help of a strong team and the right innovation strategy. There are a few steps to be applied to ensure that the product is successfully developed and marketed.